Trea­sury’s Mnuchin says no tax cut for wealthy

Iran Daily - - Global Economy -

US Trea­sury Sec­re­tary Steven Mnuchin said that the Trump ad­min­is­tra­tion’s up­com­ing tax plan will not be aimed at low­er­ing in­come taxes for the wealth­i­est Amer­i­cans.

“We are look­ing for a mid­dle in­come tax cut. On the high end the plan is to elim­i­nate state and lo­cal de­duc­tions ... and even if we do end up with a slight re­duc­tion on the high end that will be off­set by a re­duc­tion of de­duc­tions so their taxes won’t go down,” Mnuchin said dur­ing an in­ter­view at a pol­icy fo­rum or­ga­nized by news out­let Politico, Reuters said.

He added that de­tails of the tax re­form frame­work would in­clude a spe­cific rate pro­posal for the cor­po­rate tax rate.

“You’re go­ing to see a spe­cific rate pro­posal in that,” Mnuchin said, adding it would also in­clude de­tails on de­duc­tion of cor­po­rate in­ter­est.

jw­prop­erty.com

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